Commercial Property – Hospitality Sector

Published: 12 October 2015

In this blog entry, we move on to look at the area of Commercial Property

MKB Law’s property and real estate team, led by Director Maria Conway, has had many years of experience in dealing with all types of commercial property, and consider it one of the core aspects of their service offering.

Property Development and the Hospitality Sector:
Tourism and hospitality in Northern Ireland has been on the rise in recent years, with the development of the Titanic Quarter and the ‘Games of Thrones’ filming locations amongst others, bringing in both local and foreign visitors to Belfast and the surrounding areas.

The announcement this Summer that four new hotels are in development for Belfast city centre will therefore come as no surprise. In fact, Hospitality Review NI predicts that there will be a double-digit growth for the hospitality sector over the next five years.*

MKB Law has a long established connection with the hospitality sector, providing legal services and expertise to leading hospitality group, Beannchor.

Case Study – Lagan House:
The news that the Beannchor Group, owners of the renowned Merchant Hotel, are adding a second Belfast hotel to their portfolio has been met with eager anticipation; not least after the recent announcement of the Merchant’s 5 Red Star status from the AA Hospitality Awards.

The new hotel will be based at Lagan House, located on the corner of Ann Street and Victoria Street. The building itself, featuring an eye-catching mirrored glass frontage, has served many purposes over the years including operating as retail and office space.

2 x lagan house

Top: Artist Impression of Hotel. Bottom: Current Building

The Beannchor Group, which purchased the site in Spring 2015, will invest over £4 million in developing the building as a 55-room hotel, with a ground floor restaurant, bar, café and retail facility.

Set for completion in early 2016, the hotel will feature a design empathetic to the surrounding area which includes a 19th century sandstone building next door, and the iconic Albert Clock.

The hotel’s design and concept will combine urban ‘chic’ style with all modern amenities. Particular emphasis will be put on the ground floor area of the hotel, which is set to feature a bespoke courtyard bar, and will serve as the social hub of the building.

The hotel is set create 100 new jobs, bringing Beannchor’s total number of employees to over 750.

James Sinton, the Group’s Finance Director commented, “Hospitality is one of Northern Ireland’s most important industries and will be one of the main drivers of sustainable economic growth going forward.

“Ongoing investment in the sector is crucial and Beannchor is proud to continue to invest in hospitality, with the development of this new hotel in Belfast city centre.”

Speaking about the transaction, Maria Conway said, “MKB Law are delighted to have acted in the acquisition of Lagan House, and look forward to providing ongoing support and advice to the Group in relation to the subsequent development.”

MKB Law’s property and real estate team undertake all legal aspects of commercial property law, including acquisitions, development, licencing and portfolio management. Contact us today for further information.

Tel: 028 9024 2450

References: *

This article is for general guidance only and should not be regarded as a substitute for professional legal advice.

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